Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Is there having any legal provision to keep our previous financial statements and verifiable objectives? if there is, how many years?

user-image
Question added by Kripesh Krishnan Kutty Nair , Merchandiser , Al Seer Group
Date Posted: 2015/02/08
VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Law of limitation Act- require certain documents to preserved for a particular duration.

Evidence Act- same conditions.

Company Law and Taxes-no exception.

Our practice/ procedures /pending litigation (s)  all need be considered for a decision in this regard.

In many banks the vouchers and records are preserved for a minimum of10 years. In our company we used to preserve all records for a minimum of7 years. 

In cases of items which are seemingly  to important/and unresolved issues the records are kept for a permanent basis.

In case of Financial statements: it will always be helpful to keep the documents through the life period.  And for verifiable vouchers-maximum the period, the more on the safer side--but preferably a minimum period of7 years from the date of the completion of the transactions always be better. 

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.